YVCC Awarding Policy
YVCC encourages early application of either the FAFSA or WASFA, preferably by March 1 for the following school year. Only students with "completed" financial aid files are packaged with available grant funding. YVCC generally begins the award process over the summer after a significant number of applications have been reviewed and are ready for financial aid awards. Although awarding continues through the year, the student who completes the financial aid file early will have access to the most funding available and later applicants will be considered only for funds that remain.
Initial financial aid packages are based on the assumption of full-time enrollment and that students wish to be considered for the maximum level of "gift aid" available. Federal Pell Grant is first awarded to all eligtible students. Next, priority applicants who continue to have more than 50% of their cost of attendance (equity level) unmet are considered for their maximum eligilbility in State Need Grant, followed by Supplemental Grant (priority to out-of-state residents) ,and, to Washington residents only, tuition waivers and YVCC grants. College Bound Scholarship funds are awarded to all qualifying students regardless of priority. At YVCC, self-help awards consist of Federal Direct Stafford Loans and a limited amount of Work Study funding. Students submit requests for Federal Direct Loans after YVCC has determined the level of gift aid funding. Student should allow at least one month for processing and be familiar with loan restrictions. Students wishing to participate in the work study program must attend a student employment orientation. Orientations are scheduled as needed (generally near the start of a quarter) and are announced on the financial aid home page.
Summer enrollment occurs at the end of the YVCC award year; students who request funding for summer will submit summer aid applications that are made available at the beginning of summer registration. Unlike academic year awards, summer awards are based on the level of enrollment of the student's course schedule that is submitted with the summer aid application, and the student's unused financial aid entitlement funding (Federal Pell Grant and Direct Stafford Loans) for the year. Any additional grant funding that is available will be prioritized first for students completing their programs in summer, and then for students who are required to attend in summer by the schedule of the curricula of their programs.
SATISFACTORY ACADEMIC PROGRESS
To receive financial aid at YVCC, students must be in compliance with the YVCC Satisfactory Academic Progress for Financial Aid Policy. The policy consists of three measurements that are monitored quarterly after grades have been posted. These three areas are:
1. Grade Point Average. GPA is a measurement of the quality of a student's academic performance. Financial Aid recipients are expected to maintain a GPA of at least 2.0 at all times. (For help on raising GPA under an Academic Plan, click here.)
2. Pace of Progression. Pace of Progression is the measure of a student's successful progression through an eligible program. All aid recipients must maintain a Pace of Progression 67%. The Pace is calculated by dividing the number of credits successfully completed by the total number of attempted credits. Credits transferred to YVCC count both as attempted and earned credits.
3. Maximum Time Frame. Maximum Time Frame is defined as 150% of the standard length of the program. If a student is not capable of successfully completing the program within 150% of the credits required for completion, the student loses eligibility and may not complete the program on financial aid. A new time frame may begin after a student completes and graduates with a degree and enters a different eligible program.
For a downloadable copy of the full Satisfactory Academic Progress Policy, click here.
Students who lose their financial aid eligibility may request reinstatement by submitting an appeal for financial aid reinstatement after bringing their academic records in compliance with the financial aid requirements or identifying mitigating circumstances and remedies that should be considered in reviewing the students progress. For a copy of the Appeal for Financial Aid Reinstatement, click here.
FINANCIAL AID REPAYMENT POLICY
For federal and state financial aid, YVCC is required to calculate the portion of financial aid that has been "earned" by any aid recipient who does not complete the quarter and determine if any of the "unearned" aid must be returned by the school or the student. Recipients who do not begin attendance must repay any aid that was disbursed. Those who begin attendance, but withdraw from classes, are expelled, or otherwise stop participating, may owe a repayment based on "unearned" aid. The earned portion of aid is calculated by dividing the calendar days of attendance by the calendar days in the term (excluding any period of 5 or more consecutives when classes are not held). If the student has completed more than 50% of the term for state aid or 60% for federal aid, the student will not owe a repayment. But if the student did not attend beyond these benchmarks, the "unearned" aid percentage is calculated by subtracting the earned percent from 100%. For this policy, the "award amount" is the amount of grants and the net amount of any loans for which the student was eligible. All federal aid is included in the repayment calculation whether it was disbursed to the student's account or directly to the student; however 50% of federal and state grants are protected from student repayment for term start-up costs ; work study earnings are not considered.
- For federal aid, YVCC must return the unearned percentage of institutional costs charged by the school. The student is responsible for the remaining "unearned" amount of grant funds (after 50% is protected). If the student had loans, loan funds are repaid according to the loan's promissory note. For state aid, YVCC does not return funds directly to the state unless funds become available due to a refund of tuition. The student will be billed for 50% of any unearned state grants.
- If attendance is verified but a last date of attendance is not established, 50% of aid must be returned. If the financial aid office is able to determine the last date of attendance, the office may recalculate the repayment amount based on this date.
- You may do your own federal calculations by downloading the worksheet, Treatment of Title IV Funds When a Student Withdraws from a Credit-Hour Program, at: http://ifap.ed.gov/aidworksheets/attachments/2010IASGCreditHourFinal.pdf.